Senior income tax official from Kanpur arrested for 25-lakh bribe
Posted Date : 04-Jun-2012 , 07:53:57 pm | Posted By CASANSAAR
One of Kanpur's most senior income tax officers, the Commissioner of Investigations, has been arrested by the CBI. Kunal Singh of the Internal Revenue Service (IRS) was arrested this morning along with three other senior tax officials. They reportedly accepted bribes from the head of a re...
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Income Tax |
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Pranab Mukherjee confident of meeting indirect tax collection target
Posted Date : 04-Jun-2012 , 04:09:10 pm | Posted By CASANSAAR
Patting revenue officials for doing "good job" last fiscal, Finance Minister Pranab Mukherjee on Monday exuded confidence that they will be able to meet indirect tax collection target of Rs5.05 lakh crore for 2012-13.
"They have done good job last year. This year also, I do hope it would be...
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Category :
Excise |
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Amount of Reebok fraud appears inflated: SFIO
Posted Date : 04-Jun-2012 , 08:24:21 am | Posted By CASANSAAR
An initial probe by the Serious Fraud Investigation Office (SFIO), the investigative arm of the Ministry of Corporate Affairs, into the Reebok India scam suggested the amount of Rs 870 crore as alleged by the company’s German parent, appeared “exaggerated”.
“We have ...
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Corporate Law |
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FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax Tomorrow
Posted Date : 03-Jun-2012 , 08:43:56 pm | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the All India Annual Conference of the Chief Commissioners and Directors General of Customs, Central Excise and Service Tax here tomorrow. The two- day Conference at Vigyan Bhawan will deliberate in parallel sessions through four bre...
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Excise |
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Gold hits all-time high, zooms past Rs 30,000-level
Posted Date : 03-Jun-2012 , 08:44:03 am | Posted By CASANSAAR
Gold prices on Saturday jumped sharply up to Rs 1,095 per 10 gram crossing the Rs 30,000 per 10 gram level, its all-time high, on account of rise in global prices of precious metal and weakening rupee.
The maximum jump in prices was seen in Chennai, where gold became costlier by Rs 1,095 at...
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International Business |
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Petrol prices slashed by Rs. 2.2 a litre
Posted Date : 03-Jun-2012 , 08:42:23 am | Posted By CASANSAAR
Petrol prices have been cut by 2 rupees and 2 paise a litre. The Petrol in Delhi will now cost 71.16 paise a litre from midnight tonight as against 73.18 paise at present. This includes reduction of taxes also. Minister of state for petroleum and natural gas Mr.R.P.N.Singh said that the decision has...
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General |
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Cost audit reports to come under the ambit of XBRL
Posted Date : 02-Jun-2012 , 07:52:11 am | Posted By CASANSAAR
XBRL is a global standard for easy exchange of business information between different government departments and regulators under which financials are filed in a XBRL syntax as an .xml file instead of uploading the records in .doc or pdf format.
"This is a welcome move by the MCA ...
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Corporate Law |
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No more TDS on locally-made software, assures Finance Minister
Posted Date : 02-Jun-2012 , 07:34:35 am | Posted By CASANSAAR
Sale of locally-made software in the country will no more be subject to tax cuts at various levels, assured the Finance Minister Pranab Mukherjee, on Wednesday, bringing much relief to those associated with the nation’s $5-billion industry, reports The Economic Times.
Reports coming i...
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Income Tax |
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Service tax notice sent to Govt auditor
Posted Date : 02-Jun-2012 , 07:20:26 am | Posted By CASANSAAR
Nagpur's Central Excise and Service Tax Department has sent a notice to government auditor, the Comptroller and Auditor General (CAG), stating that it has not paid its service tax.Inquiries reveal that the CAG received Rs around 3.3 crore from three organisations in Nagpur in the last five years for...
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Service Tax |
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India Signs Agreement with Bahrain for Exchange of Information with Respect to Taxes
Posted Date : 01-Jun-2012 , 09:26:02 pm | Posted By CASANSAAR
India signed an Agreement with the Government of the Kingdom of Bahrain for the Exchange of Information with respect to taxes (TIEA), here yesterday. The Agreement was signed by Shri Namo Narain Meena, Minister of State for Finance (Expenditure and Financial Affairs) on behalf of Government of India...
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Category :
Income Tax |
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UP Budget proposes unemployment allowance, laptops; no new tax
Posted Date : 01-Jun-2012 , 04:06:26 pm | Posted By CASANSAAR
Seeking to fulfil his party's election promises, Uttar Pradesh Chief Minister Akhilesh Yadav today made provisions for unemployment allowance, waving of farm loans and giving laptops to students in his maiden state Budget for 2012-2013.
Amidst walkout by BSP, Yadav presented the Budget sayi...
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Budget |
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Non-Availability of LLP Services for 10 days from 1st June, 2012 - MCA
Posted Date : 01-Jun-2012 , 07:36:41 am | Posted By CASANSAAR
Ministry of Corporate Affairs
Government of India
Dear Corporates,
In Our Continued Endeavor To Enhance The Services To Stakeholders, MCA Announces Launch Of Upgraded LLP Registry From 11th June 2012.
Stakeholders- Will Now Have Facility Of Online Payment From A...
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Category :
Corporate Law |
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Reebok case probe widens, KPMG may come under scanner
Posted Date : 01-Jun-2012 , 07:32:22 am | Posted By CASANSAAR
Law enforcement agencies looking into the alleged financial irregularities at the Indian arm of Adidas AG’s Reebok unit are set to widen their probe to include audit firm KPMG India.
Maheshwar Dayal, deputy commissioner of police, Gurgaon (east), and a corporate affairs ministry official with...
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Corporate Law |
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Banks sharing data with IT dept will help deter tax evasions
Posted Date : 01-Jun-2012 , 07:23:56 am | Posted By CASANSAAR
Banks agreeing to share data with the income tax authorities will help in checking accumulation of black money and keep tax evaders at bay, industry body Assocham said on Thursday."The Indian and the foreign banks operating in the country have agreed to give income tax authorities access to their da...
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Banking |
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Baba Ramdev's trust asked to pay Rs 4.94 crore in service tax for yoga camps
Posted Date : 01-Jun-2012 , 07:20:43 am | Posted By CASANSAAR
Baba Ramdev's Patanjali Yogpeeth Trust is in more trouble. This time for service tax evasion of Rs 4.94 crore payable on the income generated from "yoga shivirs (camps)" organized across the country.The trust was issued notice by the Directorate of Central Excise Intelligence recently afte...
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Service Tax |
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Economy hits 9-year low growth in FY'12; prospects dim
Posted Date : 31-May-2012 , 10:32:35 pm | Posted By CASANSAAR
Reflecting the current economic woes, India's GDP growth rate slipped to 6.5% in 2011-12, the worst in nine years, on account of decline in almost all segments including agriculture and manufacturing.
For the quarter ended March, 2012, the economy expanded at 5.3%, again the slowest since 200...
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General |
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New Telecom policy approved: Roaming charges to go, one-nation-one-number cleared
Posted Date : 31-May-2012 , 01:28:16 pm | Posted By CASANSAAR
The cabinet on Thursday approved a new telecoms policy, Ambika Soni said, which will replace more than a decade-old rules. The cabinet approved the new policy with some changes from what was proposed earlier, Soni, the minister for information and broadcasting, told reporters after a ...
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General |
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ITAT rejects tax department use of retrospective amendments in case of royalties
Posted Date : 31-May-2012 , 08:31:52 am | Posted By CASANSAAR
In what is among the first of many legal battles over the controversial retrospective amendments to the income tax act, the Income Tax Appellate Tribunal has refused to accept the tax department's reliance on the restrospective amendments in the case of royalties. The ITAT, in a...
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Category :
Income Tax |
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DLF gets tax demand of Rs 457 crore from I-T dept
Posted Date : 31-May-2012 , 08:29:13 am | Posted By CASANSAAR
Country's largest realty firm DLF today said it has received an additional tax demand of Rs 457.39 crore from the Income Tax Department for the assessment year 2009-10, mainly on account of disallowance of profits from Special Economic Zone (SEZ). DLF has filed appeals before the appr...
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Income Tax |
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Reebok fraud Case, SFIO, ICAI to probe Auditors' role
Posted Date : 31-May-2012 , 07:37:09 am | Posted By CASANSAAR
The government and the country's accounting regulator will initiate separate probes into the role of Reebok India's auditors, widening the scope of investigation in the alleged Rs 870-crore fraud. "The Serious Fraud Investigation Office (SFIO) will look into the role of audi...
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ICAI |
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MCA sets up committee on investor issues
Posted Date : 31-May-2012 , 07:29:37 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has set up an experts committee under the chairmanship of Jaydeep N Shah, president of the Institute of Chartered Accountants of India (ICAI), for following up action points on several issues associated with investor education and grievances redressa...
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Corporate Law |
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Defunct exchanges must close shops within 2 years: SEBI
Posted Date : 31-May-2012 , 07:27:28 am | Posted By CASANSAAR
The defunct stock exchanges and those which are not able to maintain a turnover of Rs 1,000 crore will have to close shops within two years, market regulator Sebi said today.
"If stock exchange is not able to achieve the prescribed turnover of Rs 1,000 crore on continuous basis or does not ...
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SEBI |
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Viswanathan Anand crowned World Chess Champion for fifth time
Posted Date : 30-May-2012 , 08:55:34 pm | Posted By CASANSAAR
Indian Grandmaster Viswanathan Anand showed immense resilience to beat challenger Boris Gelfand of Israel in a tense rapid chess tie-breaker to win the World Championship crown for the fifth time and fourth in a row here today.
Anand won the second game and drew the other three to win the tit...
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General |
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Vodafone, others to get I-T notices soon
Posted Date : 30-May-2012 , 08:50:22 pm | Posted By CASANSAAR
The Income Tax authorities will soon send reminder notice to Vodafone and raise demands from other companies to recover similar tax dues, which may yield the exchequer a total of Rs 40,000 crore. "We will send reminder notice to Vodafone," a top Finance Ministry official said. There are ei...
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Income Tax |
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I-T dept not to reopen cases prior to April 1, 2012
Posted Date : 30-May-2012 , 02:35:57 pm | Posted By CASANSAAR
Providing comfort to worried foreign investors, Finance Minister Pranab Mukherjee on Wednesday said the Income Tax Department will not re-open cases where assessment proceedings had been finalised before April 1, 2012.
"I gave a commitment in Parliament with regard to retrospective am...
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Income Tax |
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2 CA's in the CBI's latest list of 23 Undesirable Contact Men (UCM)
Posted Date : 30-May-2012 , 08:16:33 am | Posted By CASANSAAR
Some of India's most notorious arms dealers, well-connected chartered accountants and not so well-known consultants operating from various parts of the country have been named in the latest list of 23 "Undesirable Contact Men" (UCM) circulated within the government. The Central Bureau of Inves...
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ICAI |
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Police seek to hire CA for Reebok probe
Posted Date : 30-May-2012 , 08:07:54 am | Posted By CASANSAAR
Gurgaon Police have sought approval of the director general of police (DGP) to hire a CA to help them investigate the alleged fraud at Reebok . "We have sought approval of the DGP to hire a chartered accountant since this case involves financial intricacies. The CA can understand the irregularities ...
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ICAI |
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FM to inaugurate the biggest Income Tax building at New Delhi
Posted Date : 30-May-2012 , 08:00:15 am | Posted By CASANSAAR
Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 O...
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Income Tax |
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Offline bit in online income tax filing to end
Posted Date : 30-May-2012 , 07:55:31 am | Posted By CASANSAAR
The one major irritant in online filing ofincome tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-Tdepartment's centralized pro...
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Income Tax |
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Guidelines for Declaring a Financial Institution as Public Financial Institution Under Section 4a of the Companies Act, 1956
Posted Date : 30-May-2012 , 07:51:58 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:- (a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act...
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Corporate Law |
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